Piper Insurance Guide 2022

BenPeterson77BenPeterson77
edited October 2022 in General Discussion

Hi Guys,

I recently did a Piper Aircraft Insurance Guide for 2022, estimating rates for each type of operation and actual quotes we have been providing Piper piston aircraft clients. We work with a number of brokers when their clients are taking delivery. So far in 2022 we have seen rates for renewal relatively flat, as compared to 2021.


An easy way to estimate or visualize the premium for a Piper Aircraft is: 1%, 2%, and 3%

  • 1% of the hull value for pilots with a Private and Instrument rating and non-commercial flight operations such as a flight school
  • 2% of the hull value for pilots with just a Private and working on an Instrument license
  • 3% of the hull value for Student Pilots working on a Private Pilot License, also Commercial flight operations like flight schools

I hope this helps!

Ben Peterson

Comments

  • jacobsjajacobsja

    Hello Ben,


    When renewal time comes around, will reach out for a quote.


    Based on the above inputs, I'd expect a ~50 - 65% drop from current rates. Even a 20% drop would prove nice.



    While on the topic of expectations, what is the rough increase per $1M in liability?

  • N5004WN5004W

    Who are the insurance brokers that are connected with POS - I am not in love with the service from our broker and would be willing to switch

  • Scott ShererScott Sherer

    Sky Smith is very good. https://skysmith.com/

    Scott Sherer
    Wright Brothers Master Pilot, FAA Commercial Pilot

  • Unit74Unit74

    I renewed not too long ago and it’s still $2500 for the T Lance. Few years ago it was $1800. Hell a jump for someone who has flow the same “pattern” if you will.

    I own and fly a 79 PA32RT-300T. Previous aircraft are a 79 Archer and 76 Arrow.

  • AZturboarrowAZturboarrow

    My biggest issue was getting the hull value any where near market rate. Most companies flat out said no, even after investing in a new panel, new paint, new leather interior. They would not insure at Vref, only about 20-30k back of VREF. My current carrier even said my current model is listed on TAP for nearly 100k below my asking value, but when I asked to see those listings they wouldn't provide them (since they don't exist). Avemco was the only one that would do my hull value, but at half my current liability and double my premium.

  • jjouscg01@yahoo.comjjouscg01@yahoo.com

    My Turbo Arrow IV is insured for $150,000 hull value ( the most value i could get) . I bought the plane for $70,000 and sunk over 100k into avionics, engine, prop, paint, etc. insurance renewed last month with a premium of $2030.00.

    John O’Leary
    Turbo Arrow IV (KRKP)
    CFI CFII CFIMEI (Gold Seal), ATP(MEL)
    Wright Bros. Master Pilot

  • N5004WN5004W

    I got two quotes back so far - one is about 100 more than last year and the other is 400 less but has a small deductible (less than price difference). The lower rate is w IAT insurance - any reason not to go with the lower price carrier ?

  • Unit74Unit74

    Sure that’s not AIG? Ive never heard of AIT.

    I own and fly a 79 PA32RT-300T. Previous aircraft are a 79 Archer and 76 Arrow.

  • N5004WN5004W

    Nope - AIG would not quote MO. We had insurance with them the first year.

  • N5004WN5004W
    edited November 2022

    is it typical for policies to exclude coverage for non-owned airplanes that you rent. The local airplane rental place requires proof of insurance.

    We looked closely and the insurance quote we got does not include non owned planes since our plane is owned by a LLC.

    Not sure why that matters but we will have to pay extra 250 per person for insurance for rented planes

    is this typical - and if it is the policy other people have may not cover non owned planes unless you pay for the additional coverage. We had not figured that out before and the rental company did not either

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